72 citations · 171 across the 11 of their papers we have counts for
13 papers
What Drives the (In)stability of a Stablecoin?
Yujin Kwon, Kornrapat Pongmala, Kaihua Qin +5
In May 2022, an apparent speculative attack, followed by market panic, led to the precipitous downfall of UST, one of the most popular stablecoins at that time. However, UST is not…
Oracle Counterpoint: Relationships between On-chain and Off-chain Market Data
Zhimeng Yang, Ariah Klages-Mundt, Lewis Gudgeon
We investigate the theoretical and empirical relationships between activity in on-chain markets and pricing in off-chain cryptocurrency markets (e.g., ETH/USD prices). The motivati…
Designing Autonomous Markets for Stablecoin Monetary Policy
Ariah Klages-Mundt, Steffen Schuldenzucker
We develop a new type of automated market maker (AMM) that helps to maintain stability and long-term viability in a stablecoin. This primary market AMM (P-AMM) is an autonomous mec…
Decentralized Governance of Stablecoins with Closed Form Valuation
Lucy Huo, Ariah Klages-Mundt, Andreea Minca +2
We model incentive security in non-custodial stablecoins and derive conditions for participation in a stablecoin system across risk absorbers (vaults/CDPs) and holders of governanc…
Optimal Intervention in Economic Networks using Influence Maximization Methods
Ariah Klages-Mundt, Andreea Minca
We consider optimal intervention in the Elliott-Golub-Jackson network model \cite{jackson14} and we show that it can be transformed into an influence maximization-like form, interp…
SoK: Decentralized Finance (DeFi)
Sam M. Werner, Daniel Perez, Lewis Gudgeon +3
Decentralized Finance (DeFi), a blockchain powered peer-to-peer financial system, is mushrooming. Two years ago the total value locked in DeFi systems was approximately 700m USD, n…
Stablecoins 2.0: Economic Foundations and Risk-based Models
Ariah Klages-Mundt, Dominik Harz, Lewis Gudgeon +2
Stablecoins are one of the most widely capitalized type of cryptocurrency. However, their risks vary significantly according to their design and are often poorly understood. We see…
While Stability Lasts: A Stochastic Model of Non-Custodial Stablecoins
Ariah Klages-Mundt, Andreea Minca
The `Black Thursday' crisis in cryptocurrency markets demonstrated deleveraging risks in over-collateralized non-custodial stablecoins. We develop a stochastic model that helps exp…
BDoS: Blockchain Denial of Service
Michael Mirkin, Yan Ji, Jonathan Pang +3
Proof-of-work (PoW) cryptocurrency blockchains like Bitcoin secure vast amounts of money. Their operators, called miners, expend resources to generate blocks and receive monetary r…
(In)Stability for the Blockchain: Deleveraging Spirals and Stablecoin Attacks
Ariah Klages-Mundt, Andreea Minca
We develop a model of stable assets, including non-custodial stablecoins backed by cryptocurrencies. Such stablecoins are popular methods for bootstrapping price stability within p…
Cascading Losses in Reinsurance Networks
Ariah Klages-Mundt, Andreea Minca
We develop a model for contagion in reinsurance networks by which primary insurers' losses are spread through the network. Our model handles general reinsurance contracts, such as…
A table of elliptic curves over the cubic field of discriminant -23
Steve Donnelly, Paul E. Gunnells, Ariah Klages-Mundt +1
Let F be the cubic field of discriminant -23 and O its ring of integers. Let Gamma be the arithmetic group GL_2 (O), and for any ideal n subset O let Gamma_0 (n) be the congruence…
A Database of Elliptic Curves over Q(sqrt(5)) - First Report
Jonathan Bober, Alyson Deines, Ariah Klages-Mundt +5
We describe a tabulation of (conjecturally) modular elliptic curves over the field Q(sqrt(5)) up to the first curve of rank 2. Using an efficient implementation of an algorithm of…